Industry News

Avoiding brand fossilization

The Davison Files

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Woolworth's is a fossil. John's Bargain Stores is a fossil. Oldsmobile is a fossil. Once upon a time, these brands ruled the marketplace. Now few people under the age of 30 even know what they were. Some things should never change -- like that special look your loved one reserves for you. You hope it's there forever. Everything else should be open for discussion. The paradox The only way to maintain a position in the marketplace is through movement. Growth cannot occur in stasis. Look at a Mercedes Benz from the 1980s and look at one now. If it stayed where it was and the creators didn't update its style, image and design, it would not have maintained its iconic brand status. The paradox for any brand is that it can grow only on the basis of a certain permanence. So where does change fit in? How do you fold change into your brand, breathe new life into it and further differentiate it -- all without disrupting the brand's core value? A new spin on an old idea Legal Seafoods is a re...